A number of insurance products are known in the insurance industry that provide a disability benefit to help replace lost income when one is too sick or injured to perform the duties of his or her occupation. The most feature-rich disability insurance policies provide benefits long term for disabilities that might continue until, for example, the insured reaches an age of 65, 67 or even 70. A more select group of policies provide benefits that extend beyond one's working years and into retirement. For example, Metropolitan Life Insurance Company, Berkshire Life Insurance Company of America and The Principal Financial Group each offer either a lifetime or extended total disability benefit that each provides benefits beyond the maximum benefit period for continuous, total disabilities. Additionally, Metropolitan Life Insurance Company, Berkshire Life Insurance Company of America, Massachusetts Mutual Life Insurance Company and The Principal Financial Group each offer disability insurance to help replace retirement contributions that one is unlikely to continue while disabled. While these known insurance products may satisfy the needs of certain customers, an unfulfilled need exists for an insurance product that provides additional disability insurance benefits beyond those provided by the “To Age 65” long-term disability benefit period products in a design that is more appealing to consumers.
The disclosure provides a system and a method for providing a novel insurance product to a customer, as well as a system and a method for determining and paying out an amount under the novel insurance product to a customer upon occurrence of a predetermined event.